rupeedesk.in
Telecom stocks are expected to trade in range next week with Idea Cellular and Bharti Airtel expected to display a positive bias, while Reliance Communications appears weak. With the broad market expected to trade taking cues from the movement of the rupee, which has weakened considerably in the past few weeks, trade could also be volatile in the equity market and telecom stocks may follow suit. Telecom companies' balance sheet remains highly leveraged and most of their debt is in dollar terms. The rupee declined to an all-time low of 60.75 Wednesday against the dollar. Bharti Airtel is expected to trade positively but will remain in a narrow range. Idea Cellular is expected to consolidate its position in the coming sessions. Reliance Communications is seen trading with a bearish bias as the stock closed the week below its key resistance level of 120 rupees and is likely to see some corrections in the coming sessions. The rise in the stock is seen topping out and reversal in trend is expected soon.
Telecom stocks are expected to trade in range next week with Idea Cellular and Bharti Airtel expected to display a positive bias, while Reliance Communications appears weak. With the broad market expected to trade taking cues from the movement of the rupee, which has weakened considerably in the past few weeks, trade could also be volatile in the equity market and telecom stocks may follow suit. Telecom companies' balance sheet remains highly leveraged and most of their debt is in dollar terms. The rupee declined to an all-time low of 60.75 Wednesday against the dollar. Bharti Airtel is expected to trade positively but will remain in a narrow range. Idea Cellular is expected to consolidate its position in the coming sessions. Reliance Communications is seen trading with a bearish bias as the stock closed the week below its key resistance level of 120 rupees and is likely to see some corrections in the coming sessions. The rise in the stock is seen topping out and reversal in trend is expected soon.
